The cryptocurrency market remains in ‘extreme fear’ as funds record outflows for the fifth straight week. According to CoinShares’ report, the market recorded outflows worth $73 million for the week ending January 14.
Out of the total, Bitcoin saw outflows worth $55 million, taking its culminating five-week outflows to $317 million. Meanwhile, the cryptocurrency market surpassed $532 million in outflows during the same period.
“This marks the sharpest outflows since 2018 when viewed proportionally as a percentage of total assets under management (AuM),” the report read. While the market overall remained bearish, inflows were recorded for the first time in 2022 on January 12th and 14th.
The week ending January 7 saw net outflows of $207 million, with bitcoin funds responsible for more than half of it $107 million. Compared to this, this week’s outflows are comparatively weaker.
Ethereum entered its sixth week of outflows, surpassing $30 million last week. The report noted: “From a relative perspective Ethereum remains the focus of negative sentiment with outflows representing 1.5% of AuM.”
Solana, on the other hand, suggested a reverse trend after recording $5.4 million in inflows this week. The popular ‘Ethereum-Killer’ has only seen two individual weeks of outflows since August 2021.